DRT issues order against Pathejas

DRT issues order against Pathejas
ENS ECONOMIC BUREAU

MUMBAI, FEBRUARY 21: The Debt Recovery Tribunal (DRT) has issued prohibitory orders against the promoters of Patheja Forgings -- Mansingh Patheja, GS Patheja, VS Patheja, PS Patheja and Swaran Kaur Patheja -- for recovery of dues.

According to a United Western Bank news statement, the Patheja brothers could not be contacted by the consortium of banks till date despite sending repeated notices. ``Now the Patheja brothers have been ordered by the court to disclose their personal assets,'' the bank has said.

In order to avoid payment of their debts, the Pathejas had earlier tried to take shelter under BIFR which was rejected by the board on the grounds of non-cooperation to BIFR and manipulation of financial data. The United Western Bank pressed for interim reliefs to thrawt the repeated attempts by Pathejas -- who had defaulted on huge loans -- to stall the bankers on one pretext or another.

In its latest order to the Patheja brothers, the Debt Recovery Tribunal has sought reasons from them why theseinterim measures could be confirmed. As a result of these prohibitions, the bank says Patheja brothers ``will not be able to continue their hide and seek game any longer.''